The stock market today opens facing slightly more friction, after heavy selling by institutional investors on Wednesday notched up the distribution day count to three days each for the S&P 500 and the Nasdaq. This remains below red-flag levels. But it does hang out a yellow flag for investors to pay attention — scan your charts for sell signals and keep your sell rules in hand.

Initial jobless claims ticked up to 354,000 for the week ended May 25, the Labor Department reported. That was 10,000 jobs more than the prior week's upwardly revised figure, and far above estimates for a dip to 340,000.

The number also spurred the four-week moving average for claims to jump 2.3% to 347,250.

The Commerce Department shaved its second estimate for first quarter GDP growth to 2.4%, down from 2.5% and just below forecasts for no change. The GDP Price Index inched up 1.1%, below the prior estimate of 1.2%.

In stocks, Clearwire (CLWR) bolted 20% higher ahead of the open, after news reports late Wednesday said Dish Network (DISH) boosted its buyout offer to $6.5 billion. The amount easily outstripped an earlier counter-offer made by Sprint Nextel (S), which already owns 50% of Clearwire shares. Dish is also in a bidding war against Japan-based SoftBank, each attempting to acquire Sprint.

Overseas, in Japan, Tokyo's Nikkei 225 crumbled 5.2% Thursday, leaving the increasingly volatile index down 7% so far for the week. Major indexes in China ended the day with mild losses. Europe's markets were in good shape as they crossed into afternoon trade, led by a 1% gain for the CAC-40 in Paris.

The dollar traded lower vs. the euro while retaking some ground against the yen. In commodities, gold continued to edge higher and was trading just below $1,400 an ounce. Oil inched lower after a 2% dip Wednesday and was below $93 a barrel.

Later this morning, the National Association of Realtors plans to release pending homes sales data April at 10 a.m. ET.

Futures stepped back from early highs after disappointing jobs and GDP data, but continued to point to a higher open Thursday.

The stock market today opens facing slightly more friction, after heavy selling by institutional investors on Wednesday notched up the distribution day count to three days each for the S&P 500 and the Nasdaq. This remains below red-flag levels. But it does hang out a yellow flag for investors to pay attention — scan your charts for sell signals and keep your sell rules in hand.

Initial jobless claims ticked up to 354,000 for the week ended May 25, the Labor Department reported. That was 10,000 jobs more than the prior week's upwardly revised figure, and far above estimates for a dip to 340,000.

The number also spurred the four-week moving average for claims to jump 2.3% to 347,250.

The Commerce Department shaved its second estimate for first quarter GDP growth to 2.4%, down from 2.5% and just below forecasts for no change. The GDP Price Index inched up 1.1%, below the prior estimate of 1.2%.

In stocks, Clearwire (CLWR) bolted 20% higher ahead of the open, after news reports late Wednesday said Dish Network (DISH) boosted its buyout offer to $6.5 billion. The amount easily outstripped an earlier counter-offer made by Sprint Nextel (S), which already owns 50% of Clearwire shares. Dish is also in a bidding war against Japan-based SoftBank, each attempting to acquire Sprint.

Overseas, in Japan, Tokyo's Nikkei 225 crumbled 5.2% Thursday, leaving the increasingly volatile index down 7% so far for the week. Major indexes in China ended the day with mild losses. Europe's markets were in good shape as they crossed into afternoon trade, led by a 1% gain for the CAC-40 in Paris.

The dollar traded lower vs. the euro while retaking some ground against the yen. In commodities, gold continued to edge higher and was trading just below $1,400 an ounce. Oil inched lower after a 2% dip Wednesday and was below $93 a barrel.

Later this morning, the National Association of Realtors plans to release pending homes sales data April at 10 a.m. ET.

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